San Diego-based Parallel Capital Partners Inc. has purchased the Shoreline Square high-rise tower on Ocean Boulevard in downtown Long Beach in a $102 million deal, Parallel announced Thursday.

The 20-story tower, which is the latest in a string of high-profile office tower deals in Long Beach over the past year, was acquired from Guggenheim Real Estate for $101.7 million. The 383,652-square-foot office tower at 301 E. Ocean Blvd. overlooks the coast and Port of Long Beach.

The Shoreline complex is Parallel’s second major investment in the region. The firm made one of last year’s biggest Southern California deals with the $85 million acquisition of Bixby Office Park in Seal Beach.

“One of the most desirable coastal markets in the region, downtown Long Beach is undergoing a significant renaissance and transforming from a maritime-centric economy into one of Southern California’s most diversified and dynamic waterfront urban destinations to live, work and play,” said Matt Root, chief executive officer of Parallel Capital Partners, in a statement.

The building is 90 percent leased and is home to the General Services Administration, U.S. Customs office, Comerica Bank, Tidelands Oil, Department of Defense offices and UBS Financial Services.

The Shoreline tower, which was renovated six years ago, was originally developed in 1988, along with the adjoining 469-room Westin Long Beach Hotel.

Long Beach has seen a handful of high-end buildings sold in the past year.

In August, New York-based Brookfield Office Properties Inc. sold the Landmark Square office building that houses the Wells Fargo bank in downtown Long Beach for $136 million.

The Landmark was bought by Canada-based Manulife Financial and gave Brookfield an additional $61 million in proceeds over its purchase price in 2006, when it bought a portfolio of 35 office buildings from landlord Trizec. The sale of Landmark left Brookfield without a presence in Long Beach.

The Landmark was constructed in 1990 and is a 24-story office building situated at 111 W. Ocean Blvd. on the southeast corner of Pacific Avenue and Ocean.

Molina Healthcare Inc. also has gotten in on the action.

In December 2011, Molina Healthcare paid $81 million to buy the two 14-story structures at 200 and 300 Oceangate, totaling more than 461,200 square feet, from San Francisco-based The Swig Co. The iconic towers, once known as the ARCO Center, are on five acres on the south side of Ocean Boulevard between Magnolia Avenue and Golden Shore Drive.

At the time of the purchase, the building’s largest tenant, Molina Healthcare, occupied about 155,000 square feet in the building’s 200 Tower. Since moving into the 30-year-old building in 2002, Molina has gone from occupying just one floor to now seeing a need for both towers.

In June, Molina Healthcare sold the towers to Angelo, Gordon & Co. for $158 million, then leased back the corporate offices.

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